The creditors demanded Greece raise taxes and cut spending to receive over 230 billion euros ($251 billion) in bailout money since 2010. Now they're demanding more cuts and taxes ahead of a third bailout, which has angered many Greeks.

Any delay in the talks could be problematic, as history has shown that discussions can drag on.

Besides, once a final bailout agreement is reached, various parliaments across the eurozone will have to rubber stamp the deal too. And that all has to be complete by August 20 so Greece has the money make its next big 3.2 billion euro debt payment.

Demonstrations in front of Greece's parliament in Athens turned violent this month as people protested further austerity.